debt consolidation Kensington Finance

solar14

hiya

I have about £1, 200 debts separate amounts to four companies. I was passed onto Kensington Finance by my catalogue. I have been told if I pay £29.99 one off payment, they can consolidate it all so I am paying £5 a month to Kensington Finance covering all debts.

I asked if there were hidden charges and I was told No, and also interest and charges from debts would be stopped.

This sounds good to me, but is there a catch?

thanks

Tixy

Yes

The catch is that they cannot guarantee that interest & charges will be stopped and that they are charging you a fee. Also £5 per month for all your debts sounds extremely low. Did they discuss your income & outgoings in detail before coming up with this figure? Did they discuss the huge impact this will have on your credit rating for years to come?

I would instead take free impartial advice from one of the charitable debt advice organisations listed here - http://www.moneysavingexpert.com/loans/debt-help-plan#help

These organisations will give you impartial, factually correct advice for free.

Tixy

Also take a look at the first post in this thread for reasons not to use Kensington
http://forums.moneysavingexpert.com/showthread.html?t=1819339

solar14

hiya

Many thanks for the advice. So basically I might as well go to the CAB. Because going to Kensington Finance is just like using a middle man, when I can get it sorted. And with the debt for British Gas I have been told this could be written off because I am on benefits.